Employment contract - is this bankruptcy clause retrospective?

alastairq

o even if they were paying everything on time they are still responsible for putting themselves at the edge of the cliff even if something else such as losing job, unexpected event or breakdown of relationship pushes them over the edge.

By using the description 'responsible', implies that there is an option...a choice.

The problem with credit debt is, the credit companies seem to really want to remove 'choice' from their customers, the debtors.

The last thing a credit company truly wants, is someone who suddenly decides to 'stop'...and pay off what they are deemed to owe.

[Not too long ago, banks like Barclays, for example, '[I]appeared[/I]' to have a policy of 'discouraging' customers who never used overdraughts, or incurred charges.......in other words, contributed little to the bank's income.]

There is little 'profit' for them in that action.

Once debt reaches a certain, unmarked level, the debtor really has no choice whatsoever.

The debt literally takes over...and controls that individual.


Sooner or later, that debt suddenly grows out of all proportion to the actual, original amount 'borrowed [or, lent by persuasion?}.

Suddenly, the only way the world will stop to let us off, is via a lottery win.


Or....bankruptcy?


Let us not confuse 'responsibility' on the part of the borrower, with 'irresponsibility' on the part of a lender.

debtinfo

correct to a point, the point i was making was about resposibility of letting the debt accrue in the first place not what happens when you get to the point of no return

Ineedaname

But surely ANY debt makes us vulnerable? ANY debt can be seen as living beyond our means as we are borrowing ahead of having the money and paying it off in instalments, so we can't really afford what we used the money to buy. So even a loan where we know we can afford the instalments is a risk.

Some people never actually live beyond their means in the sense of keeping up repayments causes them to miss utility DDs or not be able to eat enough. The problem comes when the continual borrowing on cards becomes unsustainable, sometimes it can just be a broken washing machine needing repair that tips the balance.

So yes, we are all responsible for our position, just by taking on ANY debt in the first place. But that's the society we live in today where credit is readily available to the majority. So everyone is at risk of becoming BR purely through having taken out credit they cannot pay back with one month's wages. OK, I know most people won't become BR because they'll keep taking out credit and paying it off over time before taking out more credit, or they'll make sure the overall debt never reaches an unsustainable amount, but the risk is still there.

debtinfo

Ineedaname wrote: »

But surely ANY debt makes us vulnerable? ANY debt can be seen as living beyond our means as we are borrowing ahead of having the money and paying it off in instalments, so we can't really afford what we used the money to buy. So even a loan where we know we can afford the instalments is a risk.

Some people never actually live beyond their means in the sense of keeping up repayments causes them to miss utility DDs or not be able to eat enough. The problem comes when the continual borrowing on cards becomes unsustainable, sometimes it can just be a broken washing machine needing repair that tips the balance.

So yes, we are all responsible for our position, just by taking on ANY debt in the first place. But that's the society we live in today where credit is readily available to the majority. So everyone is at risk of becoming BR purely through having taken out credit they cannot pay back with one month's wages. OK, I know most people won't become BR because they'll keep taking out credit and paying it off over time before taking out more credit, or they'll make sure the overall debt never reaches an unsustainable amount, but the risk is still there.

Very true, hence why my parents never borrowed at all but saved. Any debt puts you at risk, there is a scale though, somone that has debts totalling 10% of their annual income is less at risk then someone that has debts totalling 90% of their annual income, if both lose their job and take 6 months to find a new one the first person can usually ride it out and and pick up payments again later even with interest and missed paymet charges the second one will very likely never recover

Ineedaname

Agree with the percentage thing, but how many people work that out when checking their finances? As the Superscrimpers' 'experiment' showed, very few realise how badly in debt they are. Everybody lives on credit these days, it's the norm now.

JCS1

kepar wrote: »

A CRB check is to ensure you are not a criminal, hence Criminal Records Bureau. As you are in the financial sector I hope you have had one.
Bankruptcy is not a criminal offence.


As an ex examiner, now retired,

An ex examiner in what?

So from your posts you are not a bankrupt or ex-bankrupt

Hi Kepar,

When you have an interview with the OR, it's not with the actual Official Receiver (they are more like an MD). It is an examiner who would conduct the interview, deal with assets, etc.

HTH

Ineedaname

redbu wrote: »

A retired examiner (investigator) is a civil servant employed in the office of the Official Receiver.
No I am not and never have been a bankrupt. If that were the case I would not be allowed to do the work I currently carry out.

That's confusing.

Ineedaname

Cheers for the clarification, it's good to have you around.

fooked

redbu wrote: »

I could tell you but not allowed to!



Have a careful read of this:


Insolvency Register - High Court - Case number 0000123 - Date of Bankruptcy 21st August 2008.

Hmmm, Discharge suspended indefinitely...

How do we find out why???

Ineedaname

I seem to remember someone saying her business manager was paying for it all, or some such anyway.